Core Viewpoint - The company is expected to achieve significant growth in net profit for the first half of 2025, driven by strong performance in its cheese products and effective cost management strategies [2][3]. Financial Performance - The company forecasts a net profit attributable to shareholders of 120-145 million yuan for H1 2025, representing a year-on-year increase of 68.1-103.1% [2]. - The expected net profit for Q2 2025 is projected to be between 37.6-62.6 million yuan, with a year-on-year growth of 13.8-89.5% [2]. Business Strategy - The company employs a dual strategy focusing on both B2B (restaurant industrial series) and B2C (instant nutrition series and family dining series) to strengthen its position in the cheese market [4]. - New product launches include cheese sticks and various snack items, with a focus on consumer-oriented innovation [4]. Market Position - According to Kantar Consumer Index, the company's cheese sales market share exceeded 37% in 2024, increasing to over 39% in Q1 2025, maintaining its leading position in the market [5]. Future Outlook - The company anticipates that the combination of new product development and channel expansion will support continued growth, with potential for profit elasticity to be released as operations recover [6].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a projected investment return exceeding the market benchmark by more than 15% over the next 6-12 months [4][6]. Core Insights - The company is expected to achieve a net profit attributable to shareholders of 1.2-1.45 billion yuan for the first half of 2025, representing a year-on-year growth of 68.1%-103.1% [1]. - The company has implemented a dual strategy focusing on both B-end (industrial catering series) and C-end (instant nutrition series and family dining series) to strengthen its market position in the cheese sector [3]. - The company has confirmed stock incentive expenses of 18.6869 million yuan in Q2 2025, yet still anticipates rapid profit growth due to increased revenue from cheese products and reduced raw material costs [2]. Summary by Sections Financial Performance - The company forecasts net profits of 216 million yuan, 324 million yuan, and 457 million yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.42 yuan, 0.63 yuan, and 0.89 yuan [4][10]. - Revenue for 2025 is projected at 5.377 billion yuan, with a growth rate of 11.01% [5][10]. Market Position - The company has achieved a market share of over 39% in Q1 2025, maintaining its position as the market leader in cheese sales [3]. - The company is expanding into new retail channels, including instant retail and member stores, to enhance its distribution network [3]. Product Development - The company is focusing on product innovation, launching new items such as cheese sticks and various cheese snacks to cater to consumer preferences [3]. - The company is also developing customized products for large B-end clients to enhance its service capabilities [3].